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ManualAccountingPracticeSet

SpecialtySportsStore,USGAAPEdition3

Feedback:Transactionsweek1
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NowthatyouhavereviewedinformationaboutTheAdrenalineHut,youarereadytobeginthefirststepinthe
accountingcycle,recordingtransactions.Onthispageofthepracticeset,youareaskedtorecordtransactionsthat
occurredduringthefirstweekofJuneintothecompany'sjournalsandposttheappropriateentriestotheledger
accounts.ThefollowingtransactionsoccurredthroughoutthefirstweekofJune:

Week1
Date Transactiondescription
1 IssuedCheckNo.690for$9,500topayZNGPropertyGroupfortwomonth'sworthofrentinadvance.
1 Obtainedaloanof$49,000fromZNZBankatasimpleinterestrateof6%peryear.Thefirstinterestpaymentisdueattheend
ofAugust2017andtheprincipaloftheloanistoberepaidonJune1,2021.
3 TheLockerRoompaidthefullamountowingontheiraccount.
3 IssuedCheckNo.691toOfficeSuppliesWarehouseforthepurchaseof$321worthofofficesupplies.
4 PaidthefullamountowingtoJ.J.Spud,CheckNo.692.
4 Paidsalesstaffwagesof$2,218fortheweekuptoandincludingyesterday,CheckNo.693.Notethat$1,101ofthispayment
relatestothewagesexpenseincurredduringthelastweekofMay.
5 Madepaymentof$799toPowerGenfor3monthsofelectricityuptoandincludingMay31,CheckNo.694.

Aftercompletingthispracticesetpage,youshouldknowhowtorecordbasictransactionsinthejournalsprovided
belowandunderstandthepostingprocessinthemanualaccountingsystem.Notethatyouwillrecordtheremaining
Junetransactionsinthefollowingsectionsofthispracticeset.

Remember,onepurposeofusingspecialjournalsistomakethepostingprocessmoreefficientbypostingthetotalof
mostcolumnsinthespecialjournalsafterallofthetransactionsfortheperiodhavebeenrecorded.However,some
partsofajournalentryarestillrequiredtobepostedonadailybasis.Viewthecompany'saccounting policiesand
proceduresfordetailsofwhatistobeposteddailyormonthly.

Instructionsforweek1

1) Recordallweek1transactionsintherelevantjournals.

Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecial
journalshouldberecordedinthegeneraljournal.

2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.

Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendof
themonth.YouwillenterthisbeforeyoupreparetheBankReconciliationStatement.

Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnota
wholenumber,roundthediscounttothenearestwholedollar.Then,tocalculatethecashamount,subtractthe
discountfromtheoriginalamount.

Additionalinstructions

Displayingselectedaccountingrecords:

Tosavespace,notallaccountingrecords(e.g.journalsandledgers)willbedisplayedoneverypage.
However,oneachpageyoucanaccessallaccountingrecordsnecessarytoanswerthequestionsonthat
page.
Thereareseveraltabsrepresentingdifferentviewsoftheaccountingrecords.Theactivetabbydefaultis
ShowAll,butyoumayalsoselecttoviewjustoneparticularaccountingrecordbyselectingtheappropriate
tab.
Ifyoufillinanyaccountingrecordsandchangetheviewonthepagebyselectingadifferenttab,the
informationthatyouhaveenteredwillremaininthataccountingrecordandbedisplayedwheneveryoucan
seethataccountingrecord.
Beforesubmittingyouranswers,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.Youarerequiredtocompleteallrelevantaccountingrecordsbefore
pressingtheSubmitanswersbutton.Oncesubmitted,youwillnotbeabletoreturntothepagetoreenteror
alteryouranswers.

Journals:

Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Forcertaintransactionsinspecialjournals,someaccountingtextbooksdonotalwaysrequireanaccounttobe
chosenunderthecolumnlabeledAccount.Inthispracticesetyouarerequiredtoselectanaccountforeach
transactioninthespecialjournals.Specifically,inallspecialjournals,underthecolumnlabeledAccount,you
mustselectthecorrectaccountnameforeachtransactioninordertoreceivefullpoints.Notethatforsome
transactions,thiswillmeanthattheaccountnameselectedwillcorrespondtotheheadingofoneofthe
columnsinthatspecialjournal.
Foreachjournal,inthePostRef.columnyouwillneedtocorrectlytypetheaccountnumberoftheaccount
youarepostingto.Inparticular,inspecialjournals,someaccountingtextbooksdonotalwaysrequirea
referencetoberecordedinthePostRef.column.Inthispracticeset,inordertoreceivefullpoints,every
transactionenteredinaspecialjournalrequiresanentryinthePostRef.column.Notethatinthespecial
journals,iftheaccountnameselectedforatransactioncorrespondstotheheadingofoneofthecolumnsin
thatspecialjournal,thepostrefistoberecordedasanX.Thisisbecausethesetransactionsarenotposted
onadailybasis.Inordertoreceivefullpoints,youmustrecordonlytheletterXinthePostRef.columnfor
thesetransactions.
Notethatinspecialjournals,theOtherAccountscolumnshouldnotbeusedtorecordmovementsof
inventory.
Theremaybeentriesinthegeneraljournalthatrequirepostingtobothacontrolaccountandasubsidiary
ledger.Inthesecases,afteryouhavepostedtobothledgers,youshouldenterthereferenceforboththe
generalledgeraccountandthesubsidiaryledgeraccountinthePostRef.columntoindicatethatyouhave
postedtobothaccounts.Forexample,ifthereferencenumberforthecontrolaccountis110andthe
referencenumberforthesubsidiaryledgeraccountis1101,youshouldtype'110/1101'intothePostRef.
column.
GeneraljournalentriesdoNOTrequireadescriptionofthejournalentries.

Ledgers:
Whenpostingatransactiontoaledgeraccount,undertheDescriptioncolumn,pleasetypethedescriptionof
thetransactiondirectlyintothefield.Theexactwordingdoesnotmatterforgradingpurposes.Forexample,
itdoesnotmatterinanelectricitytransactionifyoutype'Paidforelectricity'or'Paidelectricitybill'.
Foreachledger,undertheRef.column,youneedtoselectthecorrectjournalfromalistinthedropdownbox
providedinordertoreceivefullpoints.
Ifthebalanceofaledgeraccountiszeroyoudonotneedtoselectadebitorcreditfromthedropdownbox.
Eachtransactionpostedtothesubsidiaryledgersmustbeenteredinoneline.Inordertoreceivefullpoints,
youmustnotsplituptherelevanttransactionintomorethanonelineinthesubsidiaryledger.

Bothjournalsandledgers:

Mostjournalsandledgerswillhaveblankrowsleftattheendofthepage.
Somejournalsandledgersmaynotrequireanyentries.
Whenpurchasesandsalesarerecordedinspecialjournals,changesininventorymustnotbepostedtothe
MerchandiseInventoryaccountinthegeneralledgeronadailybasis.

ShowAll SpecialJournals GeneralJournal SubsidiaryLedgers GeneralLedger

(Q=301.salesJournalWeek1)

SALESJOURNAL

Costof
Invoice Post Accounts
Date Account Goods
No. Ref. Receivable
Sold

Jun

Jun

Jun

Jun

Feedback

Therearenorelevantentriesinthesalesjournalforthisweek.

(Q=302.purchasesJournalWeek1)

PURCHASESJOURNAL

Post Accounts
Date Account Terms
Ref. Payable

Jun

Jun

Jun

Jun

Feedback

Therearenorelevantentriesinthepurchasesjournalforthisweek.
(Q=303.cashReceiptsJournalWeek1)

CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Debit Credit Costof


Post
Date Account Ref. Sales Sales Accounts Other
Goods
Cash
Discounts Revenue Receivable Accounts Sold

Jun 1 BankLoanPayable 250 49000 0 0 0 49000 0

Jun 3 ARCTheLockerRoom 1105 2118 0 0 2118 0 0

Jun

Jun

Jun

Jun

Feedback

CASHRECEIPTSJOURNAL

Debit Credit Costof


Post
Date Account Ref. Sales Sales Accounts Other
Goods
Cash
Discounts Revenue Receivable Accounts Sold

Jun 1 BankLoanPayable 250 49,000 49,000


Jun 3 ARCTheLockerRoom 1105 2,118 2,118

(Q=304.cashPaymentsJournalWeek1)

CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Payable Inventory Expense Accounts
Cash

Jun 1 PrepaidRent 690 140 0 0 0 9500 9500

Jun 3 OfficeSupplies 691 130 0 0 0 321 321

Jun 4 APCJ.J.Spud 692 2106 4701 0 0 0 4701

Jun 4 WagesExpense 693 516 0 0 1117 0 1117

Jun 4 WagesPayable 693 220 1101 0 0 0 1101

Jun 5 ElectricityPayable 694 221 799 0 0 0 799


Feedback

CASHPAYMENTSJOURNAL

Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Payable Inventory Expense Accounts
Cash

Jun 1 PrepaidRent 690 140 9,500 9,500


Jun 3 OfficeSupplies 691 130 321 321
Jun 4 APCJ.J.Spud 692 2106 4,701 4,701
Jun 4 WagesPayable 693 220 1,117 1,101 2,218
Jun 5 ElectricityPayable 694 221 799 799

(Q=305.generalJournalWeek1)

GENERALJOURNAL

Post
Date AccountandExplanation Debit Credit
Ref.

Jun

Jun

Jun

Feedback

Therearenorelevantentriesinthegeneraljournalforthisweek.

(Q=3101105.AcctsRec5_week1)

SUBSIDIARYLEDGERS
Account:ARCTheLockerRoom
AccountNo.1105

Date Description Ref. Debit Credit Balance

May 31 Balance 2,118DR

Jun 3 paymentreceived CRJ 0 2118 0

Jun
Jun

Feedback

Account:ARCTheLockerRoom
AccountNo.1105

Date Description Ref. Debit Credit Balance

May 31 Balance 2,118DR


Jun 3 Repayment CRJ 2,118 0

(Q=3102101.AcctsPay1_week1)
Account:APCAddaxSports
AccountNo.2101

Date Description Ref. Debit Credit Balance

May 31 Balance 2,104CR

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheAddaxSportsledgerforthisweek.

(Q=3102106.AcctsPay6_week1)
Account:APCJ.J.Spud
AccountNo.2106

Date Description Ref. Debit Credit Balance

May 31 Balance 4,701CR

Jun 4 Paymentmade CPJ 4701 0 0

Jun

Jun

Feedback

Account:APCJ.J.Spud
AccountNo.2106

Date Description Ref. Debit Credit Balance

May 31 Balance 4,701CR


Jun 4 Repayment CPJ 4,701 0

(Q=320100.Cash_week1)
GENERALLEDGER
Account:Cash
AccountNo.100

Date Description Ref. Debit Credit Balance

May 31 Balance 65,962DR

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheCashledgerforthisweek.

(Q=320110.AcctsRecControl_week1)
Account:ARCAccountsReceivableControl
AccountNo.110

Date Description Ref. Debit Credit Balance

May 31 Balance 27,805DR

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.

(Q=320130.StoreSupplies_week1)
Account:OfficeSupplies
AccountNo.130

Date Description Ref. Debit Credit Balance

May 31 Balance 3,943DR

Jun 3 Bank CPJ 321 0 4264 DR

Jun

Jun

Feedback

Account:OfficeSupplies
AccountNo.130

Date Description Ref. Debit Credit Balance

May 31 Balance 3,943DR


Jun 3 Cashpurchase CPJ 321 4,264DR

(Q=320140.PrepaidRent_week1)
Account:PrepaidRent
AccountNo.140

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 1 Prepayment CPJ 9500 0 9500 DR

Jun

Jun

Feedback

Account:PrepaidRent
AccountNo.140

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 1 Prepaidrent CPJ 9,500 9,500DR

(Q=320210.AcctsPayControl_week1)
Account:APCAccountsPayableControl
AccountNo.210

Date Description Ref. Debit Credit Balance

May 31 Balance 44,349CR

Jun

Jun

Jun

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TherearenorelevantentriesintheAccountsPayableControlledgerforthisweek.

(Q=320220.WagesPayable_week1)
Account:WagesPayable
AccountNo.220

Date Description Ref. Debit Credit Balance

May 31 Balance 1,101CR

Jun 4 Wagesexpenses CPJ 1101 0 0

Jun

Jun
Feedback

Account:WagesPayable
AccountNo.220

Date Description Ref. Debit Credit Balance

May 31 Balance 1,101CR


Jun 4 Paidstaffwages CPJ 1,101 0

(Q=320221.ElectricityPayable_week1)
Account:ElectricityPayable
AccountNo.221

Date Description Ref. Debit Credit Balance

May 31 Balance 857CR

Jun 5 Electricitypaid CPJ 799 0 58 CR

Jun

Jun

Feedback

Account:ElectricityPayable
AccountNo.221

Date Description Ref. Debit Credit Balance

May 31 Balance 857CR


Jun 5 Paidelectricitybill CPJ 799 58CR

(Q=320250.LoanPayable_week1)
Account:BankLoanPayable
AccountNo.250

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 1 LoanReceived CRJ 0 49000 49000 CR

Jun

Jun

Feedback

Account:BankLoanPayable
AccountNo.250

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 1 LoanfromZNZBank CRJ 49,000 49,000CR
(Q=320400.SalesRevenue_week1)
Account:SalesRevenue
AccountNo.400

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheSalesRevenueledgerforthisweek.

(Q=320402.SalesDisc_week1)
Account:SalesDiscounts
AccountNo.402

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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TherearenorelevantentriesintheSalesDiscountsledgerforthisweek.

(Q=320500.CostOfSales_week1)
Account:CostofGoodsSold
AccountNo.500

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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TherearenorelevantentriesintheCostofGoodsSoldledgerforthisweek.

(Q=320516.WagesExpense_week1)
Account:WagesExpense
AccountNo.516

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 4 wagespaid CPJ 1117 0 1117 DR

Jun

Jun

Feedback

TherearenorelevantentriesintheWagesExpenseledgerforthisweek.

(Q=320541.ElectricityExpense_week1)
Account:ElectricityExpense
AccountNo.541

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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TherearenorelevantentriesintheElectricityExpenseledgerforthisweek.

(Q=320544.SuppliesExpense_week1)
Account:OfficeSuppliesExpense
AccountNo.544

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheOfficeSuppliesExpenseledgerforthisweek.

ManualAccountingPracticeSet
SpecialtySportsStore,USGAAPEdition3(VSU3q)

20092014Perdisco/latin/.v.,learnthoroughly
20092014Perdisco/latin/.v.,learnthoroughly
http://www.perdisco.com

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